EXHIBIT 12.1
RATIO OF EARNINGS TO FIXED CHARGE:
Three Three Nine Nine
Months Ended Months Ended Months Ended Months Ended
September 30, September 30, September 30, September 30,
1997 1998 1997 1998
---------------- ------------- -------------- ---------------
Income before provision for $1,607 $4,390 $ 3,706 $2,477
income taxes
Add fixed charges
Interest costs including amortization
of debt issuance cost 245 723 653 1,376
------ ------ ------- -------
Earnings $1,852 $5,113 $ 4,359 $3,853
Fixed charges:
Interest expense including
amortization of debt issuance costs 245 723 653 1,376
Capitalized interest 1,620 2,540 4,600 6,800
------ ------ ------- -------
Total fixed charges $1,865 $3,986 $5,253 $8,176
------ ------ ------- -------
Ratio of earnings to fixed charges - - N/A
Excess (deficiency) of earnings to
cover fixed charges $ (13) $1,127 $ (894) $(4,323)